CoreLogic released its Home Price Index (HPI) and HPI forecast data for May 2016, which shows home prices are up both year-over-year and month-over-month. Home prices nationwide, including distressed sales, increased year-over-year by 5.9 percent in May 2016 and increased month-over-month by 1.3 percent, according to the HPI.
The CoreLogic HPI forecast indicates that home prices will increase by 5.3 percent from May 2016 to May 2017, and 0.8 percent from May to June.
“Housing remained an oasis of stability in May with home prices rising year over year between 5 percent and 6 percent for 22 consecutive months,” CoreLogic Chief Economist Dr. Frank Nothaft said in the company’s press release. “The consistently solid growth in home prices has been driven by the highest resale activity in nine years and a still-tight housing inventory.”
“Price appreciation continues to be fairly broad-based across the U.S. From a regional perspective, the Pacific Northwest continues to be the hottest area for home-price growth, with Oregon and Washington leading the way,” CoreLogic President and CEO Anand Nallathambi said. “The recent turbulence in financial markets should lead to modestly lower mortgage rates, which will provide even more support to the steadily improving real estate recovery.”